Characteristics of Successful Entrepreneurs

When we talking about entrepreneurs, we want to know what is the characteristics of successful entrepreneurs? Even though new characteristics are continually being added to the list, it does provide important insight into the entrepreneurial perspective.

1.Initiative and Responsibility

Most researchers agree that effective entrepreneurs actively seek and take the initiative. They willingly put themselves in situations where they are personally responsible for the success or failure of the operation. Entrepreneurs feel a personal responsibility for the outcome of ventures in which they are associated. They like to take initiative in solving problem where no leadership exists.

2. High Degree of Commitment

Launching a venture successfully requires total commitment from entrepreneurs. This commitment helps entrepreneurs to overcome business-threatening mistakes and obstacles. Entrepreneurs commitment to their ideas and ventures they spawn determine how successful those ventures ultimately becomes.

3. Opportunity Orientation

Entrepreneurs focus and start on opportunities rather than on resources, structure or strategy. They begin with opportunities and let their understanding of them guide other important issues. Entrepreneurs have a well- defined sense of searching for opportunities. In searching for new business opportunities, entrepreneurs observe the same events other people do, but they see something different. Entrepreneurs are not only capable of searching for opportunities but also capable of seizing extraordinary opportunities.

4. Moderate Risk Taker

Entrepreneurs are not wild risk takers; they are calculated risk takers. When entrepreneurs participate in any venture, they do so in a very calculated, carefully thought manner. They often avoid taking unnecessary risks.

5. Confident & Optimistic

Entrepreneurs typically have an abundance of confidence in their ability to succeed. They tend to be optimistic about their chances for success, and usually their optimism is based on reality. The high level of confidence and optimism explains why some of the most successful entrepreneurs have failed in business, often more then once, before finally succeeding.

6. Creative and Innovative

Creativity and innovative are important for entrepreneurs to gain a competitive advantage in their ventures. Through their creative and innovative minds and imagination, entrepreneurs can produce unique goods and services for customers. Creativity is not inherited, it can be learned.

7. Seeking Feedback

Entrepreneurs like to know how they are doing and are constantly looking for reinforcement. They actively seek and use feedback to improve themselves and their venture performance. From feedback, entrepreneurs can learn from their mistakes.

8. Drive to achieve

Achievement seems to be the primary motivating forces behind entrepreneurs. Entrepreneurs are self-starters who internally have a strong desire to complete, to excel,and to pursue and attain challenging goals. One of the common misconceptions about entrepreneurs is that they are driven wholly by desire to make money. To entrepreneurs, money is simply a symbol of achievement. It is not the driving motive of most entrepreneurs.

9. Ability to Set Vision

Entrepreneurs know what they want to achieve. They have a vision or concept of what they can be. Not all entrepreneurs have predetermined visions for their firm. In many cases, this vision develops over time as entrepreneur begins to realise what the firm is and what it can become.

10. Skilled at Organising

Building a venture "from scratch" is not easy. So, entrepreneurs know how to put the right people to accomplish a task. Entrepreneurs are able to organise their resources in an effective way so as to inform their visions into reality.

11. Internal Locus of Control

Entrepreneurs believe that the success or failure of their venture depends on themselves. Their accomplishments and setbacks are within their own control and influence, and they can affect the outcome of the actions.

12. Tolerance of Failure

Entrepreneurs do not become disappointed, discouraged or depressed by failure. They use failure as a learning experience. In difficult times, they still look for opportunities. Most entrepreneurs believe they learn more from their early failures than from their early successes.

13. High Level of Energy

Entrepreneurs are more energetic than the average person. Entrepreneurs need to have a high level of energy so as to cope with the extraordinary workload and the stressful demands they face. That energy may be a critical factor, given the incredible effort required to start-up a company.

14. Team Building

Most successful entrepreneurs have highly qualified, well motivated teams that help handle the venture's growth and developments.

15. Independent

Entrepreneurs are independent people. They like to accomplish tasks in their own way. This does not mean entrepreneurs must make all the decisions. They want to have authority to make important decisions.

16. Flexibility

Entrepreneurs are not rigid in their venture. They are flexible and have abilities to adapt to the changing world economy, rigidity often leads to failure.

If u want try one of the online tests by accessing http://bizmove.com/other/quiz.htm

(OUMM2103 Entrepreneurship) http://www.oum.edu.my/